Calculating actual cash value: Actual Cash Value versus Replacement Cost Coverage The following table gives a partial list of Albert's significant property (but only the first 3 items are listed within each category, the totals at the bottom of the table include the prices of unlisted property items). Item Purchase Price ACV Replacement Cost Furniture Couch set $3,500 $875 $3,850 Outdoor lawn furniture 3,125 1,563 3,750 Dining room table and chairs 1,000 500 1,200 Appliances TV 750 375 900 DVD player 125 75 150 Sound system 1,000 400 1,200 Furnishings Antique rugs 11,250 3,375 13,500 Sculptures 10,000 Throw blankets and pillows 375 12,000 225 12,000 450 TOTAL: $46,688 $30,347 $56,026 Albert has a $51,000 HO-1 form insurance policy. No additional endorsements or floaters have been added to the policy. Therefore, the actual cash value (ACV) of his property is / is not covered under this policy and the replacement cost of his property is / is not covered. One of his more valuable items is a shotgun he uses for duck hunting. He purchased the shotgun 4 years ago for $1,770, and the total life expectancy is 10 years. The shotgun he uses for duck hunting would cost $1,900 if it was purchased today. What is the actual cash value (ACV) of the shotgun? $1192 $956 $1062/ $1311